So if you can't make your mortgage payment, the mortgage company should refinance the loan for you into a better deal for you because you ran into financial difficulties? Is that what these groups are asking for? How is that fair to the mortgage companies? What if the mortgage company came to the homeowners and said "look, we're not making enough money to stay in business, do you mind if we bump your interest rate up a bit to help make up for it?" They'd be laughed at. They'd have the mortgage contract thrown in their faces and be told "too bad".
These lending companies took a risk in giving these people loans. That's their fault. However, no one held a gun to the borrower's head and made them sign papers, that's the borrowers fault. If you cannot afford the house when emergencies strike, you shouldn't be buying the house. I would have loved to have bought a $1 million dollar home, but that would have stretched me to the point of eating ramen and hitchhiking to work. Therefore, I bought a much less expensive home and have to travel a bit longer to work. It's called financial planning.
Now of course, they want to bring race into the mix.
The coalition argued that under the nation’s fair housing laws, anyone involved in providing risky loans to minority borrowers who could not afford them could be held legally responsible — including real estate brokers, banks, mortgage companies and investment firms.
Race has absolutely nothing to do with this. It has everything to do with lenders who want to make money and people stretching themselves too thin.
Travis
travis@rightwinglunatic.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment